Barclays Review

How does your bank stack up?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 3.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon

Pros:

  • High-interest rates
  • Savings assistant helps visualize goals
  • No minimums, fees, or required amounts
  • Options on how to receive interest

Cons:

  • Limited types of accounts offered
  • Transfers take 2-3 business days
  • No mobile app
  • Customer service is not open 24/7

What You Need to Know

Barclays offers extremely high-interest rates. Their rates are higher than other banks and even other online banks. Their high yield savings account and CDs earn great interest rates. Even their short-term CDs earn higher interest rates than most other banks.

Barclays offers a Savings Assistant tool. First, input your goal. Next, decide how much you want to save and how much you have saved already. Finally, decide how much you can contribute to the account each month. With one click, the Savings Assistant tells you how long it will take you to reach your goal.

There is not a set amount to open a savings or CD account with Barclays. Their accounts do not have monthly maintenance fees. There is also not a set amount you are required to keep in the different accounts. The savings account and CD are completely free.

You have the choice of how to receive the money earned on interest. You can choose to have the money kept in the CD or transferred into your Barclays savings account. You can choose to have the money transferred to a verified external account. To set up different interest options log in to your account.

Barclays only offers one high yield savings account and CDs. They do not offer a checking account. Barclays used to offer accounts for minors but stopped in June of 2017. Even though they only offer one savings account, you can open up to 25 different accounts if needed.

Your money is not available immediately. Transfers into your Barclays account take five business days. Electronic transfers from your Barclays account to your external account take 2-3 business days. Money transferred between Barclays accounts are immediate.

There isn’t an app for the Online Savings account and the CD accounts. You can access your accounts and do whatever you need to do online, but not through an app.

Customer service is not available all the time. You can reach customer service through the mail or by the phone. They are open seven days a week from 8 a.m. to 8 p.m. ET.

Cool Things

Deposit Checks

With this secure feature, you can upload a picture of a check to make a deposit. Make deposits from your computer, laptop, or mobile device. Log in to your account, sign the back of the check, and upload the picture of the front and back of the check. The money is deposited into your savings account. It will not be available to use for five days. Deposit any checks made out to you except money orders, third-party checks, and foreign checks.

CD Ladder Calculator

CD Laddering is a way to earn high interest on your money and maintain some flexibility with it. The CD Ladder Calculator helps you see how to invest your money to earn the most interest. This keeps your money more accessible. By knowing the term and the amount of money you want to invest, you can see the best CD Laddering option for your money.

History

In 1690 John Freame and Thomas Gould started trading in London. They were goldsmith bankers. In 1736 the son-in-law of Freame joined the company. His name was James Barclay and gave the bank the name it carries today. Because many people in Europe could not read, the company instituted the eagle symbol we know today. This helped those customers who could not read know where the bank was.

Over the years, Barclays has been a leader in the banking industry. They funded the world's first industrial steam railway. They named the UK's first female branch manager. They introduced the world's first ATM. They were the world's first financial institution to offer accounts online.

Barclays has over 48 million customers and clients across the world. Recently they launched accounts in the United States with their online banking products. They now have over 7 million customers in the U.S.

Awards and Recognition

  • "Most Trusted Credit Card Brand" by Reader's Digest in 2012
  • "Fairest Bank in the Country" by Brandspeak in 2010
  • "Best Pension Fund" by Europe Pension Fund

Giving Back

Barclays has been working to lessen their impact on the environment. Since 2012 they have had a 39 percent carbon savings and are working in the next few years to reduce that by another 30 percent. They traveled less and had virtual meetings instead. They ran a campaign called "Switch it Off." This encouraged employees to turn off the lights when not necessary. They have replaced assets with energy efficient ones.

Barclays launched a video game called 56 Sage Street to help kids improve their financial management skills. The game is available on social networking sites.

Barclays offers paid time off to employees volunteering in their community. More than 95 percent of employees in the U.S. take the opportunity to serve in their community. Together they log around 300,000 hours each year.

Barclays picked Wilmington, Delaware, to be their home branch to help the community. They chose to renovate a property in the historic part of town and develop a new site. These locations are helping the community's growth.

Frequently Asked Questions

Is Barclays FDIC insured?

Yes. Barclays is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How do I access my money?

By transferring the money back into your external account.

Does Barclays offer mobile banking?

There is no mobile app for these Barclays accounts, but you can access everything online. You make transfers, deposits, see history, and check balances online.

Is Barclays free?

Yes. There are no monthly maintenance fees or required amounts to keep in the accounts.

Is Barclays a good bank?

Yes. This bank offers competitive interest rates for savings accounts and CDs.

Is Barclays secure online?

Yes. Barclays uses firewalls and technology to block unauthorized access. They encrypt personal information. They provide a secure link between them and your browser. You are logged out if you have been inactive for a period of time. They never ask for personal information through email.

Does Barclays offer competitive interest rates?

Yes. The interest rates for Barclays bank are very competitive with online banks. Their rates are much higher than other banks.

Can I use Barclays for my business accounts?

No. The only accounts offered are a savings account and CDs.

How is the online bank different from the online banking my bank offers?

This bank is an online-only bank. There aren't branches. Everything you do is online.

Do their checking accounts pay interest?

Barclays only offers savings accounts and CDs. They do not offer checking accounts.

How do I reach customer service?

By phone or mail. Customer service is available by phone seven days a week from 8 a.m. to 8 p.m. ET.

Does Barclays offer bill pay?

No. Barclays does not offer bill pay. They only offer a savings account and CD accounts.

Can I deposit cash?

No. The easiest way to make a deposit is by transferring money from your external account. You can also make deposits with Check Deposit or by mailing a check.

How long do transfers take?

Transfers into your savings account take five business days. Transfers back into your external bank account take 2 to 3 business days.

Can I sign up for direct deposit to this account?

Yes. Set up direct deposit with your external funding bank.

Bank Contact Information

Barclays
P.O. Box 2460
Cranberry Twp., PA 16066
888-710-8756

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